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AIHardware

Intel Slashes Workforce Amidst AI Struggle and Revenue Decline

Nicole Kristine Jovero
Last updated: August 8, 2024 2:00 am
Nicole Kristine Jovero
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1 Min Read
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  • Intel lays off 15,000 employees.
  • AI boom eludes chip giant.
  • Cost-cutting measures implemented.

Intel announced a massive layoff of 15,000 employees, representing over 15% of its workforce.

The move is part of a broader plan to slash $10 billion in spending by 2025, following disappointing second-quarter earnings and a gloomy outlook.

Missing the AI train

CEO Pat Gelsinger acknowledged Intel’s failure to fully capitalize on the AI boom, unlike competitors such as Nvidia.

The company’s annual revenues plummeted by $24 billion between 2020 and 2023, despite a 10% workforce increase during the same period.

In addition to layoffs, Intel is offering a voluntary departure program and enhanced retirement options to eligible employees.

Intel is also suspending its shareholder dividend starting Q4 2024, bracing for what it expects to be a challenging second half of the year.

TAGGED:div5

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